Newsletter Volume: 4, Issue: 2, July 2014

Transcription

1 HAJJ INSURANCE: SECURE THE HOLY JOURNEY OF PILGRIMS & HEALTH INSURANCE POLICY: TREATMENT IN FOUR COUNTRIES Prime Insurance Company Ltd. is going to launch two special products for the clients very soon that both the coverages have collected from abroad which are as follows: Hajj Insurance Health Insurance Policy HAJJ INSURANCE Hajj is one of the five pillars of Islam and it is an individual obligation upon all Muslims, males and females those who can afford the journey (financially and physically). All the Muslims try to cope up with the unfavorable environment at our sacred places Macca and Madina for showing their submissiveness whereas some of them cannot continue their holy journey due to accident, bodily injury even for death. Since encountering the unexpected during Hajj or Omrah is always unfortunate, so in todays travel environment it is increasingly important to protect yourself and your travel investment. So, for making the journey safe and secure during the hajj, hajj Insurance policy is important. Considering the situation of the pilgrims, Prime Insurance Company Ltd. designed a Hajj Insurance product for the pilgrims performing Hajj. This policy provides monetary compensation to the dependents of the pilgrims against in case of any unusual happening to the pilgrim's death, permanent disabilities and covers the expenses of emergency hospitalization medical treatments due to accident. Repatriation of mortal remain is also covered during performing Hajj. Our insurance plan serves your all requirements assuring highest possible levels of spirituality during the Hajj. We have designed our products into two categories for the benefits of Pilgrims and which very lowest premium. HAJJ PROTECTION- PLATINUM : TK. 580 HAJJ PROTECTION- GOLD : TK. 430 Prime Insurance Company Ltd. obtained this special cover for them from abroad which has been designed for pilgrims up to 65 years old for all benefits. However, with addition premium, the cover can be extended up to 80 years of age. The additional premium is shown in below for the Pilgrims whose age between 66 and years Load premium by 20% years Load premium by 25% years Load premium by 50% HEALTH INSURANCE Prediction is uncertain for sudden illness or accident whereas sufferings are assured along with medical expenses. Like everything else, cost of Medicare is increasing while arranging financial arrangement for proper treatment within short time is indecisive. Sometimes many people make large and often unaffordable payments for catastrophic illness. Often this leads to debt and impoverishment. In this rainy day, we will find ourselves helpless because of too many unsupportive people surrounding us who do not give their hand financially and mentally. So, a proper Health Insurance Plan can reduce our financial problem and make our life stress free, safe and secure. Health Insurance provides insurance cover for the sudden sickness or illness and any accident will happen for that reason need Hospitalization. It provides financial guarantee in case of hospitalization thereby reducing the agony. Considering the agony and sufferings of the people, Prime insurance Company Ltd. is going to launch a new range of products cautiously formulated for Hospitalization i.e. sudden sickness, illness & accidental coverage but not any pre-existing diseases. After meticulous market research, surveys and customer demand, we have arranged this offer and major portion supported by foreign re-insurer. The product has been designed for groups and can include families of the members who are in good health and between the ages of 3 months and 65 years.

2 We have developed an array of products to provide to your Hospitalization Coverage with additional benefits and value added services. This new range of product includes 30 days pre hospitalization and 60 days post hospitalization, critical illness (critical illness, accidental death & permanent total disablement) maternity benefit, abroad treatment facilities in India, Thailand and Singapore. Prime health plan will bring a radical change in your life through its effective and advantageous offerings. If any person takes this policy, he/she will get the financial support as well as mental satisfaction through its offerings for the policyholders by bearing the cost of hospitalization up to striking sum insured against an economic premium. We hope that this policy will open a new door in the General Insurance industry by diminishing the aggravation of people. Our Prime Health Plan provides health insurance for your employees and group of families with the following slabs: Policy Type Maximum Claim Amount A Year Prime Platinum Tk. 7,50,000 Prime Gold Tk. 5,00,000 Prime Silver Tk. 3,50,000 Prime Green Tk. 2,00,000 Prime Standard Tk. 1,00,000 Prime Basic Tk. 75,000 NEW INDEPENDENT DIRECTORS OF PRIME INSURANCE COMPANY service in Biman, he served as Chief of Training and Director Flight Operation from 1991 to He got retired from Biman Bangladesh Airlines in At present, he is serving as Consultant in Civil Aviaton Authority. The Board of Directors of Prime Insurance Company Limited has also nominated him as the Chairman of Audit Committee. Captain Akram Ahmed (Bir Uttam) A. Z. M Sazzadur Rahman Prime Insurance has expanded its Board with the induction of two new Independent Directors. The Board of Directors of Prime Insurance Company Limited in its 251st Meeting held on 26 June 2014 has appointed Captain Akram Ahmed (Bir Uttam) and Mr. A. Z. M Sazzadur Rahman as the Independent Directors. Captain Akram Ahmed (Bir Uttam), after completion of education, joined the then East Pakistan Flying Club in 1965 to get commercial pilot license. In 1971, during the liberation war of Bangladesh, he joined newly formed Bangladesh Air Force in India. He participated several ground attack mission against Pakistan. After the liberation war, Bangladesh Government awarded him BIR UTTAM for his valor and leadership. Then in 1972, he joined Biman Bangladesh Airlines as Pilot. During the Mr. A. Z. M Sazzadur Rahman obtained B. Sc in Mechanical Engineering in 1970 and Post Graduation in Industrial & Production Engineering in 1990 both from Bangladesh University of Engineering & Technology (BUET). He also studied in Railway Foundation Engineering at Heidelberg, FRG (1976), Petroleum Engineering at University of Alberta Edmonton, Canada (1980) and Coal Technology at University of New Castle, Australia (1990). Since his graduation from BUET in 1970, he started his professional career in Planning Commission in 1972 as Research Officer. Then, he joined in Bangladesh Railway in September 1972 as an Assistant Mechanical Engineer and served there till 1988 as Chief Mechanical Engineer. Later on, he served as Director, Energy Monitoring & Conservation Centre and various important posts from 1988 to 1996 under Ministry of Energy & Mineral Resources, Government of Bangladesh. Lastly he again served Bangladesh Railway as General Manager, Joint Director General & also Additional Director General from 1996 to Presently, he works for Bangladesh Public Service Commission as Part Time External Examiner.

3 HALF-YEARLY BRANCH CONFERENCE OF PRIME INSURANCE COMPANY LIMITED The Half-yearly Branch Conference of Prime Insurance Company Ltd was held on June 23-24, 2014 at the Board Room of the Company s Head Office. Mr. Ferdous Amin, Chairman of the Company graced the inaugural session as Chief Guest and Alhaj Abdul Gaffar Dubash, Vice-Chairman of the Company as Special Guest. Ms. Mohammodi Khanam, Managing Director of Prime Insurance Company presided over the Conference. She also presented power point presentation of business performance of all branches highlighting the strategy for the remaining period of the year She also thanked the Managers for their success and advised to take efforts for achieving the target fixed for the year Mr. Md. Ezhar Hossain, Advisor of the Company addressed the welcome speech towards the participant. In his welcome speech Mr. Md Ezhar Hossain said, the insurance sector of Bangladesh is passing hard time. So it is very important to find out the ways to overcome the difficulties. He advised to design necessary strategies to achieve the desired success in the upcoming days. Mr. Ferdous Amin, Chairman of Prime Insurance expressed his satisfaction reviewing the last six months performance of the branches and called upon the Branch Heads to continue the flow of success in future. He said Prime Insurance Company always provides quality service to the clients. Clients First philosophy, Accountancy, Transparency and Good Governance has made Prime Insurance Company one of the role model in the insurance sector of the country. Mr. Amin stressed on increasing efforts and skill to uphold the position of the Company. Alhaj Abdul Gaffar Dubash, Vice-Chairman of Prime Insurance expressed his satisfaction about the standard quality & business performance of the Company. He encouraged everyone for maintaining the rule of IDRA and congratulated all for the upgrading credit rating to A+ of the Company. Further he congratulated all for achieving Certificate of Merit award from SAFA for Best Presented Annual Reports 2012 and 13th ICAB National Award Third Prize for Best Presented Annual Report FIRST QUARTER FINANCIAL INFORMATION Prime Insurance Company Limited has published its First Quarter Financial information of this year ended on March 31, According to the report, the Company s Net Assets Value at present is BDT million. Company s Net Operating Cash Flow is BDT million. The Company has earned Profit (before tax) BDT million. Furthermore, Net Assets Value per Share is BDT and Net Operating Cash Flow per Share is BDT 0.60 After allocation of bonus share the Earning per Share (EPS) is 0.23 as against Paid up Capital of BDT million.

4 PRIME INSURANCE COMPANY OPENED ITS 20 th BRANCH Prime Insurance Company always cares and tries to provide best and prompt service to its Business Partner Clients. With the passage of time the Company has diversified its business with different products of insurance and expended its business according to the needs and demands of its Business Partner Clients. Prime Insurance Company built up a vast network of Clients and Partners at the various parts of the country. With a view of wide business expansion, Prime Insurance has opened its 20 th Branch on March, 2014 at GEC Circle, one of the most important areas of Chittagong. Prime Insurance understands that convenience is important for Clients and we are pleased that we can provide our clients with another full service of Insurance that will meet their needs through our GEC Circle Branch. Like other Branches of Prime Insurance our GEC Circle Branch is also fully online based and run by automated system which will save time and Mr. Wahidul Islam Kiran, EVP & Head of GEC Circle Branch with the Executives of the Branch. financially also enable the Clients to compare the terms, conditions and rates of Prime Insurance Company Ltd with other Insurance Companies. This new branch will provide opportunity to work more closely and diligently with our Business Partner Clients and Associates. Business organizations of Chittagong can contact with our new branch for any type of quarries and assistance related to insurance matters. PRIME INSURANCE COMPANY ORGANIZED IN-HOUSE TRAINING PROGRAM ON BASIC PRINCIPLES OF RISK MANAGEMENT In the context of changing global economy, safety, security and transparency of financial market has become growing concern all over the world which leads the fostering importance of Risk Management. Risk Management is a continuous process of identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events. Insurance is a key part of Risk Management process and it is based on taking and managing risks.

5 Considering the growing importance of Risk Management Prime Insurance Company Ltd. has organized day long in-house training program on Basic Principles of Risk Management on May 27, 2014 at the Board Room of the Head Office of the Company. Mr. Ferdous Amin, Chairman of Prime Insurance Company Limited attended the Certificate Giving ceremony as Chief Guest of the day long Training Program. The Training was conducted by Mr. M.R. Khan, Director Marketing, Tyser Risk Management (Bangladesh) Limited and Mr. Monirul Islam Khan, Risk Engineer of Tyser Risk Management (Bangladesh) Limited. Head of Branches and Executives of Prime Insurance Company attended the training program. While delivering the speech towards the participants Mr. Ferdous Amin said, Prime Insurance Company committed to a "Client-First" philosophy and always focuses on managing risk to protect the financial interests of its clients and the company. Mr. Amin said, in the present scenario of Bangladesh the growing uncertainty necessarily leads companies to look for higher level of safety through new approaches to solvency, supervision and risk management procedures. Insurance Companies take the risks on behalf of the clients and provide them with safety and security. Thus it is very important to understand the Risk Management process properly so that we can serve the clients with better service. He urged the participants to gather the proper knowledge on Risk Management to achieve long term business in the present day of competitive market. In his speech, Mr. M.R. Khan, Director Marketing of Tyser Risk Management (Bangladesh) Limited said, in today's dynamic business environment it is very important for insurance companies to develop effective risk management strategies to secure the financial interest of the clients. Mr. Khan, thanked Prime Insurance Company for organizing such a training program which he hoped would be supportive for the participants in their workplace. Mr. Md. Ezhar Hossain, Advisor of Prime Insurance Company thanked all the participants for their active participation in the training program and hoped this training program will help the participants to leverage their skills in their respective sector. At the end of the program certificates were distributed among the participants by the Chief Guest Mr. Ferdous Amin, Chairman of Prime Insurance Company. PRIME INSURANCE SETTLED THE AVIATION INSURANCE CLAIM OF BANGLADESH FLYING ACADEMY Captain Ahmed Fazlur Rahman, Secretary General of Bangladesh Flying Academy & General Aviation Ltd. Meanwhile Captain Shahab Uddin Ahmed Bir Uttam, Former President and Captain Akram Ahmed Bir Uttam, Executive Member of Bangladesh Flying Academy & General Aviation Ltd were also present on the occasion. Prime Insurance Company Limited settled the Aviation Insurance Claim of Taka 29,45, of Bangladesh Flying Academy & General Aviation Ltd on June 19, The cheque was handed over by Mr. Ferdous Amin, Chairman of Prime Insurance Company Limited to Captain Mafidul Islam Khan, President and Ms. Mohammodi Khanam, Managing Director; Syed Monirul Huq, Assistant Managing Director & Head of Gulshan Branch and Mr. Md Delwar Hossain, Executive Vice President & Head of Claim of Prime Insurance Company Ltd were also present there.

6 PRIME INSURANCE COMPANY ARRANGED A SESSION ON SUCCESS AND STRESS MANAGEMENT IN PROFESSIONAL LIFE Stress is a result of professional and personal overloads which has many negative psychological, physical, and organization impact. In some recent times Stress has become a familiar word in day to day s life. From Personal to Professional life most of the people undergo with this feel. Managing stress effectively in personal and professional is the basic to managing individual and organizational performance and it also helps to live a healthy stress free life. Prime Insurance Company always takes employees as the valuable resource of the company and thus takes initiatives to improve the skills of the employees through various trainings, workshops/sessions on different issues. Considering the growing importance of time and stress management, Prime Insurance Company arranged a one hour session on Success and Stress Management in Professional Life on June 01, 2014 at the Board Room of the Head office. The Session was conducted by Mr. Maruf Ibne Mahbub, Organizer, Quantum Foundation. Professor Khadiza Mahtab, Momentier of Quantum Foundation Motijheel Branch also attended the session. The session focused on developing personal discipline and confidence, efficiency in time management, increasing attention and devotion towards professional responsibilities and improving interpersonal relations. PRIME INSURANCE HAS SIGNED OVERSEAS TREATY Proper reinsurance practices are a prerequisite for the sound operation of most insurance companies. Reinsurance practices include the design, negotiation and purchase of a reinsurance program suitable to the needs of the company, as well as certain operational matters necessary to insure that the program both actually functions as intended, and is correctly reflected in the company's financial statements. When an insurance company enters into a reinsurance contract with another insurance company, then the same is called treaty reinsurance. According to the Insurance Corporation (Amendment) Act 1990, fifty percent of a company s reinsurance business must be placed with the SBC and remaining fifty percent may be reinsured either with SBC or with any other insurer in Bangladesh or abroad. Out of privately owned 43 General Insurance Company only few Companies connected with the abroad for their treaty.this depends on Companies performance, quality, professional knowledge and transparency and for this support Clients will be comfortable in case of Special rate and early Claims settlement. To provide better service towards our clients based on above act, Prime Insurance Company has been placing 50% treaty with the re-insurer of abroad. This year Prime Insurance has also successfully placed 50% treaty with abroad with better terms and condition compare to the last year. Our 50% treaty is with Trust Re of Bahrain, GIC Re of India and Malaysian Re. For the safety and security of policyholders as well as the Company we have arranged this reinsurance protection with higher capacity for all classes of insurance business. This will help all our clients with better rate, terms, condition, security and prompt claim settlement service.

7 FINAL SETTLEMENT OF MR. SIRAJ MIAH Prime Insurance Company handed over the cheque of Final Settlement of Mr. Siraj Miah, Office Attendant of Principal Branch of Prime Insurance Company on May 14, 2014 at the Board Room of the Company. Mr. Ferdous Amin, Chairman of Prime Insurance Company handed over the cheque of Tk. 5, 57, to his family members. Ms. Mohammodi Khanm. Managing Director and Department Heads of Prime Insurance Company were also present on the occasion. Mr. Siraj Miah breathed his last on March 25, 2014 leaving his wife and three children. We, Prime family members mourn his death and pray to Almighty Allah for peace of his departed soul. In the picture Mr. Ferdous Amin, Chairman of Prime Insurance Company handing over the chque of Final Settlement to Mr. Siraj Miah s wife. Ms. Mohammodi Khanam, Managing Director, Mr. Sujit Kumar Bhowmik, EVP & Head of Specialized Business & Market Development Mr. Mohammed Monirul Alam, EVP & Head of Administration and Mr. Uttam Kumar Bhowmik, Head of Principal Branch of Prime Insurance are also seen in the picture PRIME INSURANCE COMPANY LIMITED ORGANIZED IN-HOUSE BASIC TRAINING COURSE ON GENERAL INSURANCE Mr. Ferdous Amin, Chairman of Prime Insurance Company is handing over the certificates to the participants of the training program at the Board Room of the Company. Mr. Md. Ezhar Hossain, Advisor, Mr. Sujit Kumar Bhowmik, Head of Specialized Business & Market Development, Mr. Mohammed Monirul Alam, Head of Administration, Mr. Md. Delowar Hossain, Head of Claim and Mr. Lokman Hossain, CFO of Prime Insurance Company are also seen in the picture. Prime Insurance Company always feels that a Training Program for new employees with Induction Program is the process of getting a new employee acclimated to work practices of a Company. The importance of Basic Training to an employee is that it helps them to be acquainted in to their new environment and understand their responsibilities. It also ensures that the organization gets the benefit of a well-trained and motivated employee as quickly as possible. In the light of the above, Prime Insurance Company Limited Organized an In-house Basic Training Course on General Insurance from April 15 to April 23, 2014 at the Board Room of the Head Office of the Company. The classes of Training Course were taken by both Internal and External Resources Person. While Mr. Ferdous Amin, Chairman, Prime Insurance Company Limited attended the Certificate Giving Ceremony of the Training Course as Chief Guest on April 23, In his speech, he said to the participants that their learning will be effective only if they apply their acquired knowledge in their works and continue to enhance their skills. He also invited them to participate in other courses of Prime Insurance as needed. Mr. Ezhar Hossain, Advisor, Prime Insurance stressed to the Participants that Prime Insurance always organized and designed the basic courses for new employees. Basic Training of General Insurance is important to an employee because it provides basic information in performing their day to day work. The employee is also able to understand to perform their work with accuracy.

8 At the end, Certificates were distributed by the Chief Guest Mr. Ferdous Amin, Chairman, Prime Insurance among the participants. All Departmental Heads were also present at the Certificate Distribution Program. PRIME INSURANCE COMPANY RECEIVED CERTIFICATE OF MERIT AWARD FROM SOUTH ASIAN FEDERATION OF ACCOUNTANTS (SAFA) Mr. Ferdous Amin, Chairman of Prime Insurance Company Limited receiving the Certificate of Merit award from Mr. CA Subodh Kumar Agrawal, President of SAFA & Mr. Zia-Ul-Mustafa, President of ICMA Pakistan on behalf of the company Prime Insurance Company Limited received Certificate of Merit award from South Asian Federation of Accountants (SAFA) for Best Presented Annual Reports 2012 in the category Insurance Sector among the SAFA Countries. The awardees are evaluated on the basis of the evaluation criteria set by SAFA s Committee for Improvement in Transparency, Accountability & Governance (CITAG) of the published Annual Reports of entries from South Asian Countries. Mr. Ferdous Amin, Chairman of Prime Insurance Company received the Award on May 03, 2014 at Hotel Serena, Islamabad, Pakistan. SAFA as a forum of Professional Accountancy Bodies is committed to positioning, maintaining and developing the accountancy profession in SAARC Region and ensuring its continued eminence in the world of accountancy in the public interest and towards broad economic development of the region. This achievement reflects that the Prime Insurance Company Limited is well disciplined and it operates its financial activities in a very transparent and professional manner. ADVISOR Md. Ezhar Hossain Advisor Editorial Board of Prime Insurance EDITOR Tithia Rahman MEMBER Mohammed Monirul Alam Sabrina Islam PRIME INSURANCE COMPANY LIMITED 63 Dilkusha C/A (6 th Floor), Dhaka-1000, Bangladesh. Phone: (+88-02) , Fax: (+88-02) , info@prime-insurance.net